February 4, 2020
The International Living magazine rated Portugal as the top country to retire citing pleasant climate with an “affordable lifestyle” along with quality healthcare, safety rate and “excellent food and wine”.
The survey also pointed out that “Portugal is the second least expensive country in Europe” making it an ideal country to retire.
Portugal in recent years has seen a rise in foreigners spending their retirement years in the country. It is common to find many British, Irish, Americans, Scandinavians and even Canadian retirees in Portugal. This is probably because of the cheaper cost of living and the relaxed tax regime for foreign pension income.
One of the big perks of retiring in Portugal is the favourable tax regime for foreign retirees in Portugal. The Portuguese government allows foreign retirees to receive pension income in the country tax-free. With the Non-Habitual Resident (NHR) status it is possible to be exempted from tax payment in Portugal for a ten-year period on income earned abroad such as rental income, capital gains on real estate, interest and dividends.
Another important pro for retiring in Portugal is that it’s a very safe country to live in. It is ranked the 4th safest country to live in the world according to the Global Peace Index.
Not to mention that Portugal enjoys a Mediterranean climate on most of its territory. There are about 300 days of sunshine yearly as well as the winters being mild.
An international magazine in its annual global retirement index has rated Panama which is close to the US with “sunny weather” and exciting food options with benefits and discounts for retirees as the no-2 country to retire. Costa Rica appears in the third place with its low cost of living and “top-notch medical care”.
Source: AICEP, BE PORTUGAL, EXPATICA